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CITIBANK SUBSIDIARY OPENS FOR BUSINESS IN RUSSIA

 MOSCOW, Jan. 14 /PRNewswire/ -- Lloyd Bentsen, U.S. Treasury Secretary, along with Lawrence Summers, Under Secretary of the Treasury for International Affairs, Victor Geraschenko, Russia's Central Bank Chairman, and William Rhodes, Citibank Vice Chairman, participated in the inauguration of Citibank's new wholly-owned subsidiary in Russia today.
 Speaking later at a reception marking the occasion, Mr. William Rhodes said: "The Russian authorities are working hard to open up their economy to the skills and the assistance which foreign companies can bring. We believe Citibank's specific skills and experience around the world can help in the development of a modern banking sector."
 The inauguration of the subsidiary comes 15 months after Citibank opened a representative office in Moscow and three months after the Central Bank of the Russian Federation issued a license for the new company last October.
 Citibank's activities will focus on transactional services, such as cash management, trade services, foreign exchange and project finance in roubles and foreign currencies.
 The subsidiary is managed by Mr. Miljenko Horvat and is located at 8-10 Gasheka Street in Moscow. Telephone: (7)095-956-2345, or Fax: (7)095-251-5638.
 Since the 1980s, Citibank has been building a network across Central and Eastern Europe. In 1986, it was the first American bank to establish an office in Hungary, where it now has a wholly-owned subsidiary. In 1991 the bank opened offices in Poland and the Czech Republic, where it also now has wholly-owned subsidiaries.
 Citibank has a broad representation in developing markets around the world and currently operates in 93 countries.
 -0- 1/14/93
 /CONTACT: Kenneth Campbell, Moscow, (7)095-251-1206, or Mark Rodgers, New York, (1)212-559-0048/
 (CCI)


CO: Citibank, N.A. ST: New York IN: FIN SU:

TW-SP -- NY027 -- 1183 01/14/94 11:57 EST
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Publication:PR Newswire
Date:Jan 14, 1994
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